(c) Lessor shall apply any proceeds of sale, lease or other disposition of the Aircraft or any
other collateral, letter of credit or deposit, if any, and shall have the right to apply same in
the following order of priorities: (i) to pay all of Lessor’s costs, charges and expenses incurred
in enforcing its rights under this Lease or in taking, removing, holding, repairing, selling,
leasing or otherwise disposing of the Aircraft; then, (ii) to the extent not previously paid by
Lessee, to pay Lessor all sums due from Lessee under this Lease or any other Related Lease in any
priority as Lessor determines; then (iii) to reimburse to Lessee any sums previously paid by Lessee
representing Stipulated Loss Value as liquidated damages pursuant to Section 12(b)(i)(x); and (iv)
any surplus shall be retained by Lessor. Lessee shall immediately pay on demand any deficiency in
(i) and (ii) of the immediately preceding sentence. Lessor’s obligation hereunder shall survive
any termination of this Lease.

     (d) The foregoing remedies are cumulative, and any or all thereof may be exercised instead of
or in addition to each other or any remedies at law, in equity, or under statute. Waiver of any
Event of Default shall not be a waiver of any other or subsequent Event of Default.